Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different. 1. This time, housing supply is extremely limited The price of any market item is determined by supply and demand. If supply is high and demand is low, prices normally decrease. If supply is low and demand is … [Read more...]
Pricing Your Home
Want to sell your home quickly? Price it correctly, and it will sell faster and at a higher price!
Want to Build Wealth? Buy a Home This Year.
Every year, households across the country make the decision to rent for another year or take the leap into homeownership. They look at their earnings and savings and then decide what makes the most financial sense. That equation will most likely take into consideration monthly housing costs, tax advantages, and other incremental expenses. Using these measurements, recent studies show that it’s still more affordable to own than rent in most of the country. There is, however, another financial advantage to owning a … [Read more...]
Owning a Home Is Still More Affordable Than Renting One
If spending more time at home over the past year is making you really think hard about buying a home instead of renting one, you’re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to rise. According to the experts, in many cases, it’s still more affordable to buy a home than rent one. Here’s why. ATTOM Data Solutions recently released the 2021 Rental Affordability Report, which states: “Owning a median-priced three-bedroom home is more affordable than … [Read more...]
Should I Wait for Lower Mortgage Interest Rates?
Historically low mortgage rates are a big motivator for homebuyers right now. In 2020 alone, rates hit new record-lows 16 times, and the trend continued into the early part of this year. Many hopeful homebuyers are now wondering if they should put their plans on hold and wait for the lowest rates imaginable. However, the reality is, acting sooner rather than later may be the actual win if you’re ready to buy a home. According to Greg McBride, Chief Financial Analyst for Bankrate: “As vaccines become more widely … [Read more...]
Will Forbearance Plans Lead to a Tsunami of Foreclosures?
At the onset of the economic disruptions caused by the COVID pandemic, the government quickly put into place forbearance plans to allow homeowners to remain in their homes without making their monthly mortgage payments. Today, almost three million households are actively in a forbearance plan. Though 29.4% of those in forbearance have continued to stay current on their payments, many have not. Yanling Mayer, Principal Economist at CoreLogic, recently revealed: “A distributional analysis of forborne loans’ payment … [Read more...]
What Does 2021 Have in Store for Home Values?
According to the latest CoreLogic Home Price Insights Report, nationwide home values increased by 8.2% over the last twelve months. The dramatic rise was brought about as the inventory of homes for sale reached historic lows at the same time buyer demand was buoyed by record-low mortgage rates. As CoreLogic explained: “Home price growth remained consistently elevated throughout 2020. Home sales for the year are expected to register above 2019 levels. Meanwhile, the availability of for-sale homes has dwindled as … [Read more...]
The Importance of Home Equity in Building Wealth
Homeownership has always been the first rung on the ladder leading to household wealth. As Freddie Mac recently posted: “Homeownership has cemented its role as part of the American Dream, providing families with a place that is their own and an avenue for building wealth over time. This ‘wealth’ is built, in large part, through the creation of equity…Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.” Home … [Read more...]
Why Not to Wait Until Spring to Make a Move
The housing market recovery coming into the new year has been nothing short of remarkable. Many experts agree the turnaround from the nation’s economic pause is playing out extremely well for real estate, and the current market conditions are truly making this winter an ideal time to make a move. Here’s a dive into some of the biggest wins for homebuyers this season. 1. Mortgage Rates Are Historically Low In 2020, mortgage rates hit all-time lows 16 times. Continued low rates have set buyers up for significant … [Read more...]
3 Must-Do’s When Selling Your House This Year
It’s exciting to put a house on the market and to think about making new memories in new spaces. However, despite the anticipation of what’s to come, we can still have deep sentimental attachments to the home we’re leaving behind. Growing emotions can help or hinder a sale depending on how we manage them. When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes when it’s time to move. Being mindful and prepared for the process can help you stay on the right track when selling … [Read more...]
Four Expert Views on the 2021 Housing Market
The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead. Lawrence Yun, Chief Economist, National Association of Realtors (NAR) “In 2021, I think rates will be similar or modestly higher, maybe 3%…So, mortgage rates will continue to be historically favorable.” Danielle Hale, Chief Economist, realtor.com “We expect sales to … [Read more...]
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